[skywalka]

Hi guys.

I got an offer from Virgin to increase my credit limit. Do they bother to check my credit rating before approval?

Thanx 4 looking.

[matthecat]

They would only be looking at their own internal systems - repayment history/arrears/average useage etc as it would breach the Privacy Act to do a credit check without your specific authorisation.

[Mal]

I have never had a credit check done at any time when requesting, or being given a credit limit upgrade for any of my cards.

You will normally be expressly asked something like "You give us permission to check your credit history" and have to sign that statement.

If you are worried, you could always request your Baycorp file a few weeks after the increase is approved.

(OR alternatively, subscribe to the MyCreditAlert service from Baycorp.

[JohnK]

Originally Posted by Mal

If you are worried, you could always request your Baycorp file a few weeks after the increase is approved.

(OR alternatively, subscribe to the MyCreditAlert service from Baycorp.

I know we have discussed this in the past but I don't think Baycorp matters too much to anyone.

I accessed my Baycorp credit file back in July and posted the findings in another thread. My Baycorp file did not contain very much information to alert anyone inquiring if I had been increasing credit limits.

My CBA Visa and Mastercard have had 4 credit limit increases each in the last 2 years and none appeared on the Baycorp report. My AGC/GE credit line has had a credit limit increase in the last 2 years and it appeared on the Baycorp report. My Gold Amex had a credit limit increase which did not appear on the Baycorp report. I applied for a Citibank redycredit account and then a credit limit increase in the last 2 years and only 1 entry appeared on Baycorp report.

Let's not give Baycorp too much credibility. What is important to a financial institution is if proof of income and ability to meet repayments.

[Mal]

Baycorp is checked (mainly) when applying for new credit.

It's basically to check that you aren't a seriously bad risk that has already been identified.

Once you build up relationships with a credit provider, they tend to rely more on what they know about you and your habits with them rather than what BayCorp says.

Different situations, different requirements.

[skywalka]

My old Westpac Holden card had a few credit increases over the years which never appeared on Baycorp. Westpac manage the Virgin card so I doubt that they'd check.

[Soundguy]

Does anyone know the relationship between available credit limits on your CC and the amount you can borrow for a home loan? It seems they factor in the sum total of your CC limits and take this off what you can borrow, regardless of what is or isn't owing on your CC's.

Would it be feasible to temporarily lower the credit limit on your CC's when applying for a home loan?

[Evan]

When i looked at moving a property loan from one provider to another they said provided you can show us statements of your CC or its with that company and they can see you pay it off they wouldn't care what the actual limits were. (This was one of the big 4 banks)

So they didn't seem what worries my limits were, having said that my loan was for less than 65% the value of the property (just) and as such a lot of places treat that as what they call an unconditional loan in that the banks think they have enough equity in the property to secure the morgage regardless of anything else.
Also means almost no paperwork required to get loan.

Evan

[bambbbam2]

Baycorp is changing its name to 'Veda Advantage'

Baycorp collects a new name - Business - Business - smh.com.au

[codash1099]

Originally Posted by Soundguy

Does anyone know the relationship between available credit limits on your CC and the amount you can borrow for a home loan? It seems they factor in the sum total of your CC limits and take this off what you can borrow, regardless of what is or isn't owing on your CC's.

Would it be feasible to temporarily lower the credit limit on your CC's when applying for a home loan?

In some cases, they don't even ask what other credit cards you have or what their limts are. Amex certainly didn't when offering me a Qantas Amex card.

The prime credit check through Baycorp or D&B would be to ensure that you have never defaulted or been sued. Diners once discovered a many year old dispute I had with a builder but weren't aware of the outcome.